Page 26 - UP PR REPORT - OCTOBER 2025

11/3/25, 10:55 AM Union Properties expects $191m from asset sales | AGBI
The developer has raised AED2.7 billion from divestments under an ongoing turnaround and recovery
plan, according to its latest financial statements.

Construction on the AED2 billion Mirdad project in Motor City began two months ago, with completion
targeted for the fourth quarter of 2028.

Khansaheb revealed that another project is currently in the design phase and will be unveiled in the

first half of next year.

Union Properties reported a 162 percent jump in net profit to AED139 million in the first nine months of
2025, compared to AED53 million a year ago.

Revenue climbed 32 percent year on year, driven by stronger operations and higher income from

subsidiaries.

Further reading:

Union Properties completes repayment of its legacy debts

Report shows rising risk of real estate bubble in Dubai

Union Properties sells $136m of land to ‘foster growth’

The developer has fully repaid legacy debt, reducing bank loans from AED1.5 billion to AED302
million.

The company is preparing a 15-year “rapid-growth” strategy to diversify revenue streams and
strengthen recurring income across core and new business segments, the statement said.

The stock was trading at AED0.81 on Friday afternoon and is up 94 percent in the year to date.

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